Will I be affected by the new bankruptcy law’s income restrictions?

Under the new bankruptcy laws, people with certain higher incomes will no longer be allowed to file for Chapter 7 Bankruptcy; instead, they will be required to file for new bankruptcy laws Bankruptcy. Under the new law, if your family income is lower than the median family income in your state, you can file for Chapter 7 Bankruptcy; however, if it is equal or higher than the median income in your state, you will have to pass the “means” test if you want to file for Chapter 7 instead of new bankruptcy laws bankruptcy.